Focused accountancy and advisory services to support your charity’s sustainability and growth.
Charities and not-for-profits operate under the pressure of stringent audits, the need for transparent annual accounts, and the complexities of tax liabilities including Gift Aid and VAT. At bk plus, we provide detailed accounting and auditing services designed to help your organisation effectively manage these challenges.
Our experts, who have extensive experience in the charity sector, work closely with you to ensure compliance with all regulatory demands and support your efforts to enhance financial stability and accountability.
What can you expect?
- Annual Statutory Accounts Preparation
- Bookkeeping and Integrated Financial Reporting
- Tax Compliance and Advisory Services
- Payroll Services Including Gift Aid Considerations
- Audit and Independent Examinations
- Charity-Specific VAT Management
- Regulatory Compliance for Charities
- Strategic Financial Planning and Budgeting
- Grant Management and Donor Reporting
- Risk Management and Internal Controls
Friendly, Impartial, Informed
At bk plus, we understand that managing a charity involves distinct financial and regulatory challenges. Whether you are addressing the requirements of annual audits, maintaining detailed donor reports, or ensuring compliance with charity-specific tax regulations, our team is here to provide clear, straightforward support.
We focus on simplifying your financial processes to better align with your mission, helping you maintain public trust, and efficiently manage your resources. With bk plus, you receive continuous, impartial advice from professionals who respect and enhance your dedication to social good.
FAQs
Do you have any questions about bk plus and our services? You may be able to find the answer to your question by looking at some of our frequently asked questions.
Every charity must keep detailed accounting records and prepare annual accounts to comply with regulatory standards. These records should include a trustees’ annual report that describes the charity’s activities and financial performance over the year, helping to demonstrate accountability and transparency to the public and funding bodies.
Charities with an annual income above £5,000 are required to register with the Charity Commission. Additionally, charities with an annual income over £10,000 must submit an annual return which includes their annual accounts and trustees’ annual report. This submission needs to be completed within ten months of the end of your financial year.
When a charity’s annual income reaches between £25,000 and £250,000, it must have its accounts independently examined or audited, depending on the specifics of the income and assets. This is a part of the annual return process, and detailed documentation must be submitted to the Charity Commission within ten months of the end of the financial year.
Transitioning to a CIO involves your charity becoming a separate legal entity, which alters financial reporting requirements significantly. As a CIO, your charity must prepare its accounts in line with the regulations applicable to incorporated entities and comply with the Charity SORP. This change requires more detailed reporting on governance and financial management to ensure transparency and compliance with charity law.
Charities based in Scotland are registered with the Office of the Scottish Charity Regulator (OSCR). Whilst the bulk of Scottish charity laws and regulations mirror those in England, there are slightly different reporting thresholds and timescales.
In general, Scottish charities with a gross annual turnover under £250,000 can produce the simplified Receipts and Payments accounts. If you are a charitable company or have annual gross income above £250,000 then fully accrued accounts must be prepared.
External scrutiny of Scottish charities takes the form of Independent Examination if gross income is under £500,000 and above that level a full audit is required. There are some exceptions to this general rule, depending on the requirements of the charity’s governing document, net asset value etc, so it is also best to ask for detailed help in deciding what your charity needs.
The filing deadline for Scottish charity accounts with OSCR is within 9 months of the accounting year end.